Finance Minister Muhammad Aurangzeb said on Thursday that the inclusion of climate resilience in global finance has become indispensable.
According to details, the Global Development Finance Conference – Momentum 2025 convened in Saudi Arabia. The finance czar addressed the Global Development Finance Conference. The finance minister warned that Pakistan faces further economic loss from climatic devastation.
Aurangzeb said that the 2022 floods inflicted losses of 30 billion dollars on Pakistan. The minister cautioned that this year’s floods may reduce the pace of growth by half a per cent.
The FinMin said that Pakistan had financed emergency measures from domestic resources, adding that the heavy external assistance is required for recovery and reconstruction in the affected regions.
He said an AI-based early warning system has become operational at the National Emergency Centre. The finance minister held that access to global climate funds remains slow and complex.
He affirmed that Pakistan has access to the World Bank’s 20 billion-dollar framework. He reported receipt of the first tranche of 200 million dollars from the IMF Climate Resilience Fund.
Aurangzeb termed the 7 billion-dollar Reko Diq project in Balochistan as a major milestone. The finance minister said the Reko Diq project could generate ten per cent of exports by 2028.
He said that the United States, China and the GCC states have shown interest in investment, adding that the China-Pakistan Economic Corridor (CPEC) Phase 2.0 is centred on commercial partnerships.
The finance minister maintained that global cooperation is the only remedy for climate challenges.
